It was a quiet day throughout the livestock complex, as the lean hog contracts rallied but the cattle complex traded timidly without any fundamental support aiding in the market’s ability to trade higher.
GENERAL COMMENTS:
The cattle contracts struggled throughout Monday’s trade, but the lean hog contracts leaped with ample support, still steaming from last week’s Hogs and Pigs report. If feedlots can push the cash cattle market to trade steady to $1.00 stronger, then both live cattle and feeder cattle contracts stand a chance at trading higher.
Hog prices closed lower on the National Direct Afternoon Hog Report, down $0.78 with a weighted average of $59.75 on 7,435 head.
March corn is up 9 cents per bushel and March soybean meal is up $7.80. The Dow Jones Industrial Average is up 351.82 points and NASDAQ is up 217.89 points.
